It will depend in a lot of factors. Sometimes they receive offers that are over asking if the person really wants the property and don't want anyone to overbid them. Sometimes you can negotiate - depending on the initial price, competition on the area, property condition, etc. If you are going to offer less provide them with an analysis to justify the lower bid - that will not guarantee acceptance, but it should help.
Everything is negotiable, whether it is a bank-owned property or not. A good first step would be to have a Realtor check on the comps for that neighborhood and nearby area. In addition, it is important to tour the home, in order to assess the condition and the amount of re-hab that is necessary (if any). Armed with this information, you would be in a better position to make an intelligent offer. If you would like any assistance, please let me know. I am always happy to help. Regards, Eric
BIGGEST BANK FAILURE IN HISTORY....TILL WAMU CAME ALONG
Almost everything is negotiable, but you will need good, solid information about the recent real estate activity in the immediate area to be able to determine if $250K is too high, too low or just average. You will also want to take into consideration the condition of the property & the surrounding area. If you submit a lower offer without any proof or justifiable reasons why, most banks will just counter offer at full price. You may be able to get the comparable info on your own by looking at tax records & other databases, but those are not always updated, nor reliable. It may be easier for you to get information from a knowledgeable Buyer's Agent REALTOR in order to help you make good, informed real estate decisions, and I'd be happy to assist you.
A number of factors come into play when making an offer. What do the comparable homes show is the correct price? Compare the condition and the amenities of the subject home to the comparables. Do you have competition with the offer, are others bidding? What is the demand in the area? Are other homes available that work as well for your needs?
As a professional I represent buyers interest and work hard to obtain as much information as possible so that you can make an informed decision.